Redbank Copper : Regional Soil Sampling Highlights 40km Anomaly

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useASX ANNOUNCEMENT

ASX Code: RCP

3 March 2022

personalDIRECTORS & MANAGEMENT

Tony Kiernan

Non-Executive Chairman

Hugh Thomas

Managing Director

Bruce Hooper

Non-Executive Director

Dale Henderson

Non-Executive Director

Melanie Ross

Company Secretary

ASSET PORTFOLIO

Redbank Tenements

(Granted)

Northern Territory - 10,016km²

ForRedbank Tenements (Applications)

Northern Territory - 4,068km²

Millers Creek Project

South Australia - 1,110km²

L1, 1A Agnew Way,

Subiaco WA 6008

Ph: [phone]

[e-mail]

www.redbankcopper.com.au

ABN: 66 059 326 519

Redbank Regional Soil Sampling Highlights

40km Calvert South Anomaly

Highlights:

• Redbank completes an extensive regional soil sampling program in the McArthur Basin with over 4,000 soil samples collected at 500m centres
• Initial results support Redbank's interpretation that multiple and significant targets exist outside of known breccia pipe mineralisation
• Most significant target to date is the Calvert South Prospect located 50km west of the Redbank copper deposits
• Calvert South soil anomaly has a 40km hydrothermal alteration 'cell'
  defined by significant copper/manganese/bismuth/antimony anomalism
• Soil sampling program provides Redbank with multiple additional areas of copper prospectivity for follow-up in 2022 field season
• Plans for the 2022 field season are well advanced and will focus on drilling high priority targets generated from soil assay results and over VTEM conductors
• Rock chip sampling at Redbank West contains individual samples with Copper grades as high as 32% Cu

Redbank Copper Limited (ASX: RCP) ('Redbank' or 'the Company') is pleased to report encouraging assay results from the large-scale regional soil sampling program completed within the Company's Redbank Copper Project in the McArthur Basin, Northern Territory.

Soil sampling was completed at a 500m x 500m grid and along accessible roads and tracks (see Figure 1). Initial analysis of the soil sampling results has highlighted multiple copper targets of significant dimensions.

A key area of interest is the Calvert South Prospect located 50km west of the Redbank copper deposits.

Calvert South is a 40km anomalous hydrothermal alteration 'cell' defined by significant copper/manganese/bismuth/antimony anomalism. The orientation of this soil anomaly is close to and nearly parallel to the Calvert Fault, a major structure which has been mapped from south of Redbank northeast toward the McArthur Mine and the Batten Fault Zone (see Figure 2). Redbank plans to test the large Calvert South soil anomaly with drilling during the upcoming dry season. The location of drill targets will be further refined following ground geophysical surveys using Redbank's in-house IP system to run DDIP (dipole induced polarization) lines over the 40km area.

Management Commentary

Redbank Managing Director Hugh Thomas commented: "Our extensive soil sampling program has provided a large surface geochemical dataset that reveals significant copper anomalism and clear vectors to copper mineralisation in the McArthur Basin over the Redbank Project area. This extensive foundation dataset, using the latest multi-elementgeochemical assay techniques, provides Redbank's exploration team with crucial insights into the structural controls of the McArthur Basin.

Importantly, these soil assay results allow us to build an extensive regional framework of the Redbank Project area that will pave the way for a streamlined and targeted approach to drilling later this year. Our plans to drill test the large-scale VTEM conductor and stand out surface geochemical anomalies will provide an active series of drill programs for this 2022 field season. This will be augmented with additional multi element soil sampling programs this year. We are very encouraged by these latest findings, and we look forward to providing the market with updates on further targets generated from the soil assay results in the coming weeks."

2021 Regional Soil Sampling Program Summary

For personal use only

The Wollogorang Formation which daylights over a large area south of the Redbank copper deposits is anomalous in copper with highest copper values at the base of the Wollogorang Formation. The results provide clear evidence previously only postulated by oil & gas and mineral explorers that the Wollogorang Formation is a major aquifer through which copper rich fluids have travelled (see Figure 3).

Exploration for sediment hosted copper deposits within the top 300m of the McArthur Basin is amenable to soil sampling to locate surface copper anomalism from leakage zones connected to subsurface copper bearing stratigraphy. Surface soils are predominantly residual, reflecting the underlying rock types, with only small areas of transported cover masking underlying stratigraphy.

Interpretation of these very large soil anomalies is ongoing and will focus on highlighting faults which act as conduits for up flow zones of ascending fluid. These fluids may not contain any remaining copper having had this copper stripped from the fluid by a highly reactive reductant sediment horizon. Here the geochemical signature of a spent fluid, provides a telltale clue where the fluid once carried copper but now only carries the geochemical signature of elements reflecting a copper-carrying bittern brine.

Redbank's exploration team and consulting geochemist are analysing results to prioritise further evaluation and drill testing the most significant anomalies as early as possible in the 2022 exploration campaign.

Regional multi-element soil sampling covered five main areas (see Figure 5), these are:

• Redbank regional 500m x 500m extensions to previous sampling (1,325 of a total of 2,099 samples)
• Wollogorang South regional grid sampling with 500m x 500m spaced samples (687 samples)
• Calvert roadside sampling with approximately 500m spaced samples
• Calvert regional grid sampling with 500m x 500m spaced samples (1,772 samples combined roadside and regional grid sampling)
• Redbank infill sampling on a 100m x 100m sample spacing in the vicinity of the Bluff Copper Deposit (307 samples)

In addition to soil sampling over the Redbank West area, rock chip samples were collected along a 300m line which traversed an old copper prospect marked on historic maps (see Figure 4). Records show that this area was last visited in 1966 by a geology team from Kenneth McMahon & Associates. Ken McMahon's geology team spent 3 months completing geological mapping, soil sampling and IP surveying. This work was reported in January 1967. The recommendations from this report were never followed up. The highly anomalous copper in rock chips has been interpreted as McDermott Formation sediments.

This formation is stratigraphically below the prospective Wollogorang Formation which is also present over portions of the Redbank West area. Based on such high copper values in the exposed sediments, Redbank is integrating historic work in this area with recent soil sampling results and will report on this remote area, currently only accessible via helicopter in a future announcement.

The Redbank West area provides an area of high copper prospectivity in addition to the Calvert South and Wollogorang Prospects.

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Figure 1: Redbank Project regional soil sampling programs

Figure 2: Redbank Project - Calvert South soil anomaly

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Figure 3: Redbank Project - Wollogorang Formation soil anomaly

Figure 4: Redbank West - location of rock chip sampling over McDermott Formation soils

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Figure 5: Redbank Project Aeromagnetics with location of soil and stream sediment sampling

Redbank Project Summary

The Redbank Project is located in the south east McArthur Basin and extends from the Northern Territory/Queensland border west to Glencore's McArthur Mine. In July 2020, Redbank secured the district scale tenement holding by pegging open ground following work by Geoscience Australia that highlighted the prospectivity of the area for large base metal deposits between the world-class Tier 1 zinc deposits at the McArthur and Century Mines. Redbank is searching for large copper deposits to add to the existing copper inventory. Redbank holds the tenements with a 100% interest.

-ENDS-

For further information please contact:

Hugh Thomas

Managing Director

Ph: [phone]

This announcement was approved and authorised for issue by the Board of RCP.

COMPETENT PERSON'S STATEMENT

The information that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Michael Hannington, a Competent Person, who is a Member of the Australian Institute of Geoscientists. Mr Hannington is employed as a Consulting Geoscientist at Redbank Copper Ltd. Mr Hannington has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the

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